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Our local real estate market in Alpharetta, Johns Creek, and Roswell has seen a robust recovery since our last housing crash which started in 2008. As you may recall liquidity issues and then the fear of the overall Economy caused Buyers in the U.S. market to go from purchasing 5.5 million homes a year to 3.5 million by 2010. We are now back to roughly 5.5 million homes for 2018 and well short of the highs in 2005.
There is news that rising interest rates are causing buyers to delay their purchase decision. The forecasts we see indicate interest rates will continue to rise for the foreseeable future so those wanting to buy a home may find they will have to pay more for the same priced home by continuing to sit on the sidelines.
Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, September 20, 2018.
Interest rates today are roughly 4.6% for a 30 year fixed. As you can see in the chart below we are on a historical basis at a very low rate. We think that as the economy continues to improve there is going to be a demand for renters to transition to home buyers. We have roughly 6 million potential buyers that are sitting on the sidelines from 2005 levels!
In our opinion, our local market has a lot to offer above and beyond the general U.S. and Metro Atlanta trends. Atlanta is a top city in the U.S. for jobs and our local market offers those looking for a superior lifestyle experience a very attractive option.
We think long-term our local real estate remains bright and believe potential buyers will realize that while home prices have gone up, interest rates remain relatively low on a long-term basis and owning vs. renting offers a number of economic and lifestyle benefits worth pursuing.
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